Running a business anywhere in the world can be challenging but running a business successfully in Nigeria requires knowledge and insight into the market and industry.

My journey into fashion by way of finance was something I stumbled upon but found my calling in. I completed my MBA in global financial services back in 2011 and felt that this year, I needed a refresher because of the distinctive nature of the Nigerian market. I enrolled at the Lagos Business School to understand the Nigerian perspective on enterprises.

I took this step because I needed background knowledge on how Nigerian businesses can be successful as I plan on opening a fashion academy; I needed to teach new and pertinent information to young Nigerians who were just starting out as business owners.

I also wanted to expand my network and have a pool of instructors who can train students at the TUBO Academy. I felt that it was better for me to observe their lessons and learn the material first-hand than to ask them for help before fully understanding what they could impart. I also took the LBS course in preparation of achieving my dream of attending Harvard Business School.

The experiences of the LBS lecturer’s and my classmate’s, provided thorough explanations of many Nigerian issues. I have found that reflecting and engaging in extensive deep thought has been helpful in me being more solution-focused on our industry’s unique difficulties. I am now able to approach my Nigerian clients better by taking into consideration and understanding how they think.

After thoroughly comprehending the instructor’s point of view, here are my takeaways from what I learnt at the Lagos Business School. The first, particularly insightful lesson that stuck out from one of the financial accounting classes was “Injecting capital into your firm can kill your business”.

The dynamics of Nigerian consumerism has changed over the years as a result of how the environment operates. Many businesses have turned to segmentation and sachetization in order to deal with the fluctuating purchasing power of the Nigerian consumer.

My prior knowledge of a consumer was through a fashion marketing lens. According to statistics, barely 2% of Nigerians have bank accounts with more than N5,000,000. This fundamental fact completely transformed my perspective on the TUBOWOMAN and has made me even more appreciative of my clients and the trust they put into the brand to deliver.

The most important lesson I learned is that no matter how difficult doing business in Nigeria is, you can run an ethical business free of corruption and still make a name for yourself – TUBO is heading in this direction.

No matter how long you’ve been running your business, education is necessary and learning is never ending – you can always do better so take that course and invest in your development today to better your business for tomorrow.
February 05, 2023
Tags: Tubo Impact